Bloomberg: Yahoo! may cut 700 jobs
By Leah McBride Mensching, Wednesday 23 January 2008 at 22:26 :: Labor & Employment :: #1142 :: rss
As it reorganises to better compete with Google Inc., Yahoo! Inc. will cut about 700 jobs, or five percent of its employees, Bloomberg reported Tuesday, citing “a person with knowledge of the plans.”
Reducing its employee numbers to about 14,000 could be announced Jan. 29, the same time it will report earnings, the news agency reported.
The person giving out the information “declined to be identified because the cuts haven't been disclosed,” Bloomberg stated in the article. A Yahoo! spokeswoman declined to comment, and in a statement Monday, Yahoo! said it would “eliminate some areas of the business.”
Losing online search users to Google, and facing increasing competition from Facebook and MySpace, Yahoo! has reported seven quarters in a row of declining profit.
Jerry Yang, CEO of Yahoo!, began reorganising when he took over the position in June 2007 from Terry Semel.
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